The 48-year-old, who is a six-time Olympic champion, has been told he has two to four years to live.
A tumour was found in Hoy’s shoulder and a second scan found primary cancer in his prostate, which has metastasised to his bones.
Tumours have also been found in his shoulder, pelvis, hip, spine and rib and he has been told it is incurable.
His announcement sparked the biggest surge in web searches for the disease since the royal family’s diagnoses, Macmillan Cancer Support said.
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In a video posted on Instagram, Hoy said he had received “incredible kindness and support” adding: “I now have a deep resolve to turn this incredibly difficult diagnosis into something more positive.”
Macmillan said Hoy had shown “incredible courage” in sharing his experience and would “inspire others” who are facing a similar situation.
Hoy added: “I understand that there has been a massive increase in men seeking advice in prostate cancer in the last few days and that’s been a huge comfort to us to know that hopefully many lives could be saved by early testing.”
Hoy spoke in the video about a book he is releasing about his illness called All That Matters, which will be published in November.
He described the writing experience as cathartic for himself and his family, and said that he hopes the book can provide understanding around how families deal with a terminal diagnosis and to “remind us that all we have is now”.
His wife, Sarra, also posted on social media that she was “completely overwhelmed” by the response.
The pair have two children and Sarra was diagnosed with multiple sclerosis shortly before her husband learned of his illness.
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“I’ve been told that Chris’ story is likely to save countless lives and this takes my breath away,” she posted.
Macmillan said search engine data showed a “surge in overall web searches for cancer in the UK” on Sunday, the day after Hoy confirmed his diagnosis.
It added that this was the biggest seen since March when Kate Middleton revealed she had been diagnosed with cancer, and February when it was announced the King had cancer.
Macmillan said it had 31,000 visits to its website on Sunday, adding that this was 34% higher than the average number for a Sunday over the past 12 months.
